Credit bureau and business information company CRIF has announced a deal to buy 73% of the shares of Dublin-based HPI for an undisclosed sum.
HPI, which was founded in 1948, maintains a register of financed assets, with a focus on cars that are subject to hire purchase agreements or other forms of lending.
It represents a unique point of access to records contributed by a pool of participants, including AIB, Bank of Ireland and Ulster Bank, all of whom are also shareholders.
CRIF has been operating in Ireland and the UK for many years and supports financial institutions, insurance companies, businesses and other organisations with its support systems, analytics and software solutions.
After its acquisition of Vision-Net, a provider of business information based in Dublin, CRIF provides immediate access to credit reports and business information on every company in Ireland and the UK.
After the deal, Giovanni Catinari, CRIF Director, will take over the running of the company.
He will work alongside Sara Costantini, CRIF Regional Director for the UK and Ireland, to strengthen CRIF's business strategy in the Republic of Ireland.
"This deal represents another important step in the consolidation of CRIF's presence in Ireland and we are confident we will bring significant advantages to local clients, Carlo Gherardi, President and CEO of CRIF.
"Our vision is built on developing new partnerships to strengthen what we offer to our clients and anticipate market needs. By combining the strength of CRIF's global know-how and experience with HPI's distinctive expertise, we will help our clients to seize new opportunities and open up new possibilities for growth and innovation," he added.
